Turkey's Ipek Dogal Enerji Applies for Two Oil Exploration Licenses

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Researched by Industrial Info Resources (Sugar Land, Texas)--Turkish energy company Ipek Dogal Enerji (ISE:IPEKE) (Istanbul, Turkey) has applied to the Energy Regulatory Market Authority (EMRA) for two oil exploration licenses. According to an announcement in the Official Gazette, the company applied for two oil exploration licenses in the southeastern city of Siirt and in the Marmara region.

This could expand Ipek Dogal Enerji's oil exploration efforts and would turn the investment case further from Koza Anadolu (ISE:KOZAA) (Istanbul) and therefore Koza Altin (ISE:KOZAL) (Istanbul).

All three companies are owned by Ipek family, a Turkish conglomerate owner that has interests in energy, mining, media, real estate and printing businesses. Koza Altin constitutes a significant part of Ipek Dogal Enerji, which indirectly controls 27.3% of Koza Altin via its 52.25% subsidiary Koza Anadolu. Since its initial public offering (IPO) in February 2010, Koza Altin has emerged as one of the best-performing stocks in the stock exchange. Though other group companies (Koza Anadolu and Ipek Dogal Enerji) also managed to beat the index over the same time frame, their performances nevertheless remained significantly below that of Koza Altin's.

"Ipek Dogal Enerji is bound by the same risks as Koza Altin, including gold prices; an inability to add new reserves and increase production; greater-than-anticipated cost inflation; appreciation of the Turkish Lira; potential government intervention in gold-mining; rising environmental concerns; and accompanying legal risks," said Muharrem Gulsever, a research analyst at Deutsche Bank in Istanbul. "A positive result in its oil exploration business and better-than-expected performance in the unlisted subsidiaries are the key upside risks for Ipek Dogal Enerj."

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